{"id":73184,"date":"2020-05-04T19:03:13","date_gmt":"2020-05-04T18:03:13","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=73184"},"modified":"2020-05-04T19:03:13","modified_gmt":"2020-05-04T18:03:13","slug":"nigeria-receives-another-311m-stolen-by-late-general-abacha","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/nigeria-receives-another-311m-stolen-by-late-general-abacha\/","title":{"rendered":"Nigeria Receives Another $311m Stolen By Late General Abacha"},"content":{"rendered":"
\n
<\/div>\n
\n
\nThe Nigerian government has received $311,797,866.11 recovered assets of
\nGeneral Sani Abacha repatriated from the United States and the Bailiwick
\nof Jersey.<\/p>\n

The Attorney-General of Federation and Minister of Justice, Abubakar
\nMalami, confirmed this on Monday in a statement by the Special Assistant
\non Media and Public Relations at his office, Dr Umar Gwandu.<\/p>\n

According to Malami, the amount increased significantly from over $308
\nmillion mentioned in an earlier statement in February to over
\n$311million as a result of the interest that accrued from February 3 to
\nApril 28, when the fund was transferred to the Central Bank of Nigeria
\n(CBN).<\/p>\n

He noted that the litigation process for the return of the assets titled
\n\u2018Abacha III\u2019 commenced in 2014 while the diplomatic process that
\nculminated in the signing of the Asset Return Agreement commenced in
\n2018.<\/p>\n

The agreement was signed on February 3 by the governments of Nigeria,
\nthe United States, and the Bailiwick of Jersey.<\/p>\n

\u201cThis Agreement is based on international law and cooperation measures,
\nthat sets out the procedures for the repatriation, transfer,
\ndisposition, and management of the assets,\u201d he said.<\/p>\n

According to the statement, the recovery effort consolidates on the
\nrecord of the Muhammadu Buhari administration which has a history of
\nrecovery of $322m from Switzerland in 2018.<\/p>\n

It added that the recovered loots were transparently and judiciously
\ndeployed in supporting indigent Nigerians as specified in the agreement
\nsigned with Switzerland and the World Bank.<\/p>\n

Malami, who led the negotiation team, noted that the tripartite
\nagreement and the process towards the implementation represented a major
\nwatershed in International Asset Recovery and Repatriation as it sought
\nto provide benefit to the victims of corruption.<\/p>\n

He said, \u201cIn line with the 2020 Asset Return Agreement, the fund has
\nbeen transferred to a Central Bank of Nigeria Asset Recovery designated
\naccount and would be paid to the National Sovereign Investment Authority
\n(NSIA) within the next fourteen days.<\/p>\n

\u201cThe NSIA is responsible for the management and execution of the
\nprojects to which the funds will be applied.\u201d<\/p>\n

The minister insisted that the latest recovery would support and assist
\nin expediting the construction of three major infrastructure projects
\nacross Nigeria \u2013 Lagos \u2013 Ibadan Expressway, Abuja \u2013 Kano Road, and the
\nSecond Niger Bridge.<\/p>\n

He revealed that the government was in the process of establishing a
\nProject Monitoring Team to oversee the implementation of the projects
\nand report regularly on progress made to the public.<\/p>\n

In order to ensure transparent management of the returned assets, Malami
\nsaid the government would engage a Civil Society Organisation who has
\ncombined expertise in substantial infrastructure projects, civil
\nengineering, anti-corruption compliance, anti-human trafficking
\ncompliance, and procurement to provide additional monitoring and
\noversight.<\/p>\n

He noted that the process for the engagement of the CSO monitor has
\nalready commenced with the adverts placed in two local newspapers.<\/p>\n

The recovered funds, according to the minister, were laundered through
\nthe U.S. banking system and then held in bank accounts in the Bailiwick
\nof Jersey.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Nigerian government has received $311,797,866.11 recovered assets of General Sani Abacha repatriated from the United States and the Bailiwick of Jersey. 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